# Referee Response: FE Robustness for High-Tech Exports

| Model | N | Countries | R² | Z_1 coef | Z_1 SE | Z_1 p | Sig |
|---|---|---|---|---|---|---|---|
| G1: Baseline | 815 | 59 | 0.1789 | -75.2644 | 29.8131 | 0.0118 | ** |
| G2: + Year FE | 815 | 59 | 0.1854 | -75.4974 | 30.3418 | 0.0130 | ** |
| G3: Country FE + Year FE | 815 | 59 | 0.0560 | -57.8487 | 30.8164 | 0.0609 | * |

## Full Demographic Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| G1: Baseline | Z_1 | -75.2644 | 29.8131 | 0.0118 | ** |
| G1: Baseline | Z_2 | 10.4690 | 4.2857 | 0.0148 | ** |
| G1: Baseline | Z_3 | -0.3884 | 0.1698 | 0.0224 | ** |
| G2: + Year FE | Z_1 | -75.4974 | 30.3418 | 0.0130 | ** |
| G2: + Year FE | Z_2 | 10.5089 | 4.3723 | 0.0165 | ** |
| G2: + Year FE | Z_3 | -0.3905 | 0.1735 | 0.0247 | ** |
| G3: Country FE + Year FE | Z_1 | -57.8487 | 30.8164 | 0.0609 | * |
| G3: Country FE + Year FE | Z_2 | 6.9220 | 4.1076 | 0.0924 | * |
| G3: Country FE + Year FE | Z_3 | -0.2254 | 0.1603 | 0.1601 |  |
